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Tuesday, 27 March 2012

InfraMed secures first deal with purchase in Turkey

Mediterranean Union inspired infrastructure finance fund, Inframed, has secured its first acquisition with the purchase of a 20% in the Turkish port of Iskenderun.

InfraMed acquired the stake from Limak Iskenderun through its subsidiary, InfraMinervois Holding, the fund said.

Limak, one of the largest and leading industrial conglomerates in Turkey, will continue to hold balance of the equity.

Limak Iskenderun brought the port in December 2011 as part of the government’s privatisation programme.

Limak Iskenderun plans to transform its general cargo facility into a leading container terminal with a phase 1 capacity in excess of 1.3m TEU.

IntraMed is a financing facility of the Union for the Mediterrranean (UfM), formed of a group of financial institutions including the European Investment Bank.

The UfM is a multilateral partnership that encompasses 43 nations from Europe and the Mediterranean Basin formed with the aim of creating the grounds for regional cooperation and cohesion.

InfraMed CEO Frederic Ottavy said: “We are pleased to be investing alongside Limak and working together to make this project a success for the region and for the investors.”

“The potential to work with strong partners with a proven track record is a key element in our assessment of investment opportunities and we believe the complementary skills of our organisations will create a strong combination,” Ottavy added.

Ottavy did not disclose the value of IntraMed’s acquisition in Limak Iskenderun.

But InfraMed said that it was poised to announce further investment deals in the near future.

InfraMed is seeking to invest in primarily in green-field projects, compliant with minimum requirements with respect to environmental protection, social impact, transparency and procurement, and with a view to generally holding investments over a longer term than traditional private equity infrastructure funds.

InfraMed is am infrastructure investment fund focused on the southern and eastern Mediterranean region.

Five institutional investors, Caisse des Dépôts et They are:Consignations (CDC), Cassa Depositi e Prestiti (Cdp), the European Investment Bank (EIB), Caisse de Dépôt et de Gestion (CDG) in Morocco, and EFG Hermes contributed €385m ($513m) to establish InfraMed in 2010.

InfraMed has an investment team made of the combination of InfraMed Management, CDG Capital Infrastructures (CDG Group) and the Egyptian Fund Management Group (EFG Hermes Group).

InfraMed has a target size of €1bn ($1.3bn) and has recently appointed Deloitte to assist with further fund raising.

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